Shares of Warner Music Group surged nearly 23 percent on Friday on news that the world's No. 3 music company is up for sale.

Warner Music has hired Goldman Sachs as an advisor to help with the process, a source familiar with the matter said on Thursday.

Private equity firm Kohlberg Kravis Roberts reportedly approached Warner Music's management to express interest in acquiring the company.

The company is home to recording legends such as Ray Charles, Fleetwood Mac and the Bee Gees and to current stars like Green Day and Death Cab for Cutie.

Warner Music Group shares gained 22.7 percent to $5.79 in morning New York Stock Exchange trading.

On Friday, Warner Music said a trial court in Paris had found its chief executive officer, Edgar Bronfman Jr., guilty of charges stemming from certain trades he made in Vivendi Universal stock in 2002.

The court imposed a fine and a suspended sentence on Bronfman, a former Vivendi (VIV.PA) vice chairman.

Bronfman said in a statement that he intended to appeal the decision.

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